Debt holders of Croatia’s Optima Telekom have approved the company’s revised financial and operative restructuring plan.
Nearly 95% of creditors holding more than two thirds of the total claims accepted the revised plan at a recent hearing, the…
Debt holders of Croatia’s Optima Telekom have approved the company’s revised financial and operative restructuring plan.
Nearly 95% of creditors holding more than two thirds of the total claims accepted the revised plan at a recent hearing, the Zagreb-based telco said in a stock exchange filing.
Optima – Croatia’s number two fixed-line operator – is currently in pre-bankruptcy settlement proceedings.
The telco’s original restructuring plan would have seen incumbent T-Hrvatski Telekom (T-HT), one of its largest creditors, acquire it and become its “strategic partner”. However, the national competition regulator said in July that it would not allow the takeover, noting that it would significantly boost the incumbent’s market share.
Optima has posted negative financial results since its founding in 2004 despite increasing its customer base.
The telco’s debt and liquidity problems prompted it to initiate pre-bankruptcy settlement proceedings earlier this year in an effort to stave off bankruptcy and resume normal business operations.
